The barrel price of Brent oil, which rose to $ 85.60 yesterday, completed the day at $ 84.94. The barrel price of Brent oil was $85.47, an increase of 0.62 percent compared to the closing date as of 09.33 today. In the same minutes, West Texas type (WTI) crude oil found buyers at $81.16 a barrel.
The forecast for a decline in the US crude oil stocks and the supply cut decision of the OPEC+ member countries were effective in the rise in prices.
The American Petroleum Institute announced that the country’s crude oil stocks were forecast to decrease by 4 million 346 thousand barrels last week compared to the previous week. The market expectation was that there would be a decrease of 1 million 800 thousand barrels.
The forecast of a decline in the commercial crude oil stocks of the USA, which exceeded the expectations, supported the prices upwards with the perception that the demand was strong in the country.
Additional production cuts of 9 OPEC+ group member countries
Official stock data from the U.S. Energy Information Administration will be released today.
The decision of an additional production cut of approximately 1.6 million barrels per day by the 9 member countries of the OPEC+ group, which consists of the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, continues to support prices.
On the other hand, the signs of slowdown in economic activity in the macroeconomic data announced in the USA and China, the world’s largest oil consumers, limited the rise in prices.
It is stated that technically, the range of $85.53 to $85.82 in Brent oil can be viewed as resistance and the range of $85.24 to 84.95 as support.